Review: Foreclosures on Google Maps

Not Ready For Prime Time

I just spent 20 minutes or so checking out foreclosures on Google Maps.

My conclusion?

It's hard to escape the feeling you are an unwitting beta tester (guinea pig) -- plus, it's apparent that Google's real aim is use limited free data to goose paid subscriptions (translation: Google's business model is cable, not TV).

That is, once Google's data gets better.

Test Drive

The concept -- visually show where foreclosures are most (and least) concentrated -- is terrific.

At least for now, however, the execution is plagued by inaccurate and/or stale data, as well as purposefully incomplete information designed to get visitors to pop for the unabridged version.

To test out Google Maps, I drilled down on the neighborhood I know best: my own.

In my case, that would be Minneapolis' Sunset Gables neighborhood just south of Cedar Lake, and just to the East of Fern Hill in St. Louis Park.

Here's what I found:

Google Maps found (and mapped) ten foreclosed properties within about one mile.

So far, so good.

Of those, however, only two had specific street addresses; the other eight simply gave a street name, along with a push pin showing a specific location.

Chowen Ave Foreclosure? Where??

So, Google Maps lists "Chowen Ave S.", a 3 BR, 1.5 Bath home for $486,823.

The corresponding push pin locates the home somewhere on the 2900 block of Chowen, just north of Lake Street.

However, when you search MLS, there's nothing active on Chowen.

Instead, the closest home meeting that description is 2900 Chowen, a foreclosure that sold last July for a fraction of its $426,500 tax assessed value; see, "THAT Sure Went Fast (Too Fast??").

0-for-2

I had even less success finding "Inglewood Ave. S." in Fern Hill, which according to Google is a 3 BR/2 Bath home for $335,920 that it locates at the intersection of Inglewood and Sunset.

However, when I searched the corresponding stretches of Inglewood and Sunset on MLS, I found no listings, Active or otherwise, going back more than one year.

Which leaves me with the question,"where is Google getting its foreclosure info?," and this conclusion: 'if you can't use Google Maps to identify specific properties for sale -- which may not even be for sale -- what good is it?'

My answer: Google Maps is useful, kind of, to give a broad overview of which Twin Cities areas have the highest (and lowest) concentrations of foreclosures.

Assuming, of course, that Google's data is passably accurate -- for now, a big "If."

Try it Yourself

Want to try it yourself?

Here are the steps:

1. Punch in any US address into Google Maps.
2. Your options are Earth, Satellite, Map, Traffic and . . . More. (Select “More”)
3. The drop down menu gives you a check box option for “Real Estate.”
4. The left column will give you several options (You may have to select “Show Options”).
5. Check the box marked “Foreclosure.”

Good luck!

Broker Open Today 11 a.m. to 1 p.m.

One Block to Cedar Lake!

Where: 2705 France Ave. South, in Minneapolis' Sunset Gables neighborhood
What: 3 BR/2 Bath Cape Cod with almost 2,200 FSF, including a huge first-floor Family Room.
How much: $439,900
Who: listed by Ross Kaplan, Edina Realty City Lakes
When: on market yesterday (Nov. 15).

If you're anywhere Cedar Lake over lunch hour today, please feel free to stop by my Broker Open at 2705 France (even if you're not a Realtor).

You'll be impressed by this home's fine construction, period details like cove moldings and a Dining Room arch, and the spacious, eat-in Kitchen.

Oh . . . . and there's a 600 square foot, 2 1/2 car garage (detached) in back to go with the one car attached -- not something you commonly find with 1938 Cape Cod's in such a great location.

P.S.: in keeping with the "man plans, God laughs" theme a few posts back, my gorgeous Fall shots (including the one above) turned out to have a shelf life of 48 hours: taken last Thursday, the Twin Cities almost immediately turned white with the arrival of the season's first big storm Friday.

What's Selling: Cedar Lake

Acing the "Ooh!" and "Aaah!" Factor

Where: 2700 Chowen Ave. South in Minneapolis' Sunset Gables subdivision (just south of Cedar Lake)

What: Moderne-style Art Deco with 5 Bedrooms and 5 Baths, and 3,800 finished square feet

How much: listed for $875,000; sold for $823,050 (94% of asking price, and more than $35,000 over the tax assessed value).

When: less than 3 months on the market; closed Friday (Oct. 22).

Who: listed by Ross Kaplan, Edina Realty City Lakes; selling agent Paul Larson, Coldwell Banker Burnet

What's selling in a tough market, especially for upper bracket homes?

Trophy properties like 2700 Chowen Ave. South, just south of Cedar Lake in Minneapolis.

This historically designated home probably generated more "ooh's" and "aaah's" than any other home I've listed, for good reason: prospective Buyers salivated over the original fresco above the Fireplace, the custom millwork and period Art Deco light fixtures, and all the space and light.

The clincher?

A $200k-plus first-floor addition (2004) complete with its own washer dryer and private, courtyard entrance.

Pre-List: 27xx France Ave. South

Sunset Gables Sneak Peak

Where: 27xx France Ave South, in Minneapolis' Sunset Gable neighborhood (and just one block to Cedar Lake, pictured above)
What: 3 BR/2 BA Colonial with eat-in Kitchen, updated mechanicals and 3 1 /2 (!) parking spaces (detached 2 1/2 car, and attached one car)
How (much): $439,900
When: on market early Nov.
Who: listed by Ross Kaplan, Edina Realty-City Lakes

Want an early peek at a terrific Colonial just one-half block to Cedar Lake?

Please call (612-925-7701) or email me (rosskaplan@edinarealty.com) to set up a showing, in advance of the formal market debut in a couple weeks.

Late June Housing Statistics

Post-April 30 Hangover

Here are some late June housing statistics (analysis costs extra). All info is for Edina Realty.

--Drop in showings since expiration of Buyer tax credits April 30: 40%
--Drop in "Pending" sales since expiration of Buyer tax credits: 40%.
--Percentage of Buyers who are first-time: 48%
--Percentage of homes sales under $250k: 80%

The narrative that accompanies the foregoing? Pretty self-evident.

P.S. Statistical averages are just that. For example, the neighborhoods close to Cedar Lake in Minneapolis (Fern Hill, Lake Forest, Sunset Gables) have been bucking the over all trend, with 8-10 pending sales in just the last two weeks.

Sunday Open House Near Cedar Lake

Art Deco Gem

What: historically designated, Moderne-style Art Deco just south of Cedar Lake. Features 5(!) Bedrooms, 5(!) Baths (almost 3,800 square feet total); first-floor Owner's Suite; and stunning, period detail in everything from the light fixtures to the hammered iron railings.
Where: 2700 Chowen Ave. South
Who: hosted -- and listed -- by Ross Kaplan (broker is Edina Realty).
How much: $875,000
When: 1 p.m. to 3 p.m. this Sunday (June 6). Listed . . . today!

Interested in buying one of Minneapolis' landmark Art Deco homes? (The home was historically designated by the Minneapolis Heritage Preservation Commission in 1996).

Know someone who might be?

Please stop by my open house at 2700 Chowen Ave. South this Sunday, in Minneapolis' Sunset Gables neighborhood.

Not an architecture buff?

The home's also perfect for someone who wants a large, light-filled home on a corner lot just steps to Cedar Lake (and blocks to Isles and Calhoun).

Hope to see you!

Cedar Lake Contemporary

Open Sunday 1-3 p.m.

Where: 2812 Sunset Blvd, two blocks from Cedar Lake in Minneapolis

What: Architect-designed Contemporary with dramatic vaulted ceilings, 4BR/4BA and 4,000-plus FSF. Perfect for empty nesters who don't want to squeeze into a townhome, or families with teenage kids who'll love the huge, finished lower level. Compares well with million-plus homes just a little bit closer to the lake.

How much: $599,000

When: market time = two days (came on Friday)

Who: listing agent - Ross Kaplan (612-925-7701); broker - Edina Realty

It's a cliche when Realtors use phrases like "Outstanding opportunity," "Hurry! Don't Miss Out," "Priced to Sell," etc. (ever see a home where the Realtor admitted that it wasn't "priced to sell"??)

So I don't.

But what I do tell prospective Buyers is that my track record speaks for itself: I've sold a dozen homes within a few blocks of Cedar Lake the last few years, and my statistics are the equal (or better!) of any Realtor active in the area: my clients' homes sold for, on average, 98%-plus of list price, and took an average of 11(!) days to sell.

So, if you're looking for something like this home, you may want to stop by tomorrow, or call me to set up an appointment.

Sooner, rather than later.

From Too High to Too Low?

A Tale of Two Homes

Where: 29xx Benton Blvd, just southwest of Minneapolis' Cedar Lake

What: 4 BR/4 BA; 3,100 FSF Colonial built in 1939

How much: sold for $641k (July '09); originally listed for $925k (April, '08). Tax assessed value: $849k.

Not convinced that overshooting on asking price can boomerang on a Seller (especially in a declining market)?

Consider this classic, 1939 Colonial just southwest of Cedar Lake, in Minneapolis' Sunset Gables neighborhood ("Exhibit A").

Originally listed at $925k in April, '08, it suffered six price cuts totalling $225k over a 13 month period -- capped by the biggest one of all: a $59k discount from the last asking price of $699.9k.

Ultimate sales price: $641k.

Three blocks west, my clients listed their very similar, 1937 Colonial at almost the same time -- Spring, '08 -- for $875k. Call it "Exhibit B."

Based on the feedback and showing activity, after a month on the market, I advised (and my clients agreed) to cut the price to $829.9k.

Six weeks later, they had a signed deal, and two months after that (Aug, '08), they closed.

Selling price: $790k.

Deal . . or No Deal?

Submit Your Offer . . . Then Wait (and Wait)

Where: 29xx Ewing Ave. South, in Minneapolis' Sunset Gables neighborhood (just southwest of of Cedar Lake)
What: 1932 Tudor with 4 BR/4BA and 3,400 FSF
How much: $425k list price
Tax assessed value: $547.5k
When: went pending 7/21/09

Yes, the Kitchen was a bit dated and the home had some deferred maintenance. And the backyard was mostly eaten up by driveway. But this handsome, rock-solid 1932 Tudor just southwest of Cedar Lake had tons of period detail, 4 large bedrooms up (a rarity), and a particularly large Master Suite.

Factor all that in, and the asking price was easily $100k low.

What happened next?

The predictable "foreclosure feeding frenzy."

Scuttlebutt was that there ultimately were at least ten offerors on this home, who then had to cool their heels the next two weeks as the listing agent continued to show and market the home.

How much behind-the-scenes maneuvering do you think was going on in those two weeks?

How much do you want to bet that whatever discount there may have been originally was whittled down (or eliminated) during that period?

"First Come, First Served" -- Not

I'm certainly not a boy scout, and see nothing wrong with maximizing the owner's selling price -- after all, that's what Sellers pay their Realtors to do.

However, as remarked on this blog previously many times, the foregoing "sales strategy" -- vs. a more open, timely and fair approach -- leaves many Buyers feeling manipulated and cynical about how the real estate business works.

At least with respect to this corner of it, you'd be hard-pressed to argue that they're wrong.

P.S.: So, the Seller was someone who foolishly overpaid at the top of the market and got what they deserved, right? Not exactly. According to tax records, they bought in 1991 for $236k. You'd guess that they took out equity by borrowing against the home, then fell behind.

Sadly, this scenario appears to be increasingly common these days.